NEWS

Creating a 21st Century Tax Regime

“Advancing the development and adoption of tax reforms will spur the growth of innovative firms and boost Canada’s ROI (Return on Investment) on our investments in Research and Development. ” (CATAAlliance)

Ottawa, ON…CATAAlliance (www.cata.ca), Canada’s One Voice for Innovation lobby Group, is calling for the creation of a 21st Century Tax Commission, with a non partisan mandate to make the federal tax system fairer, simpler and more competitive.

The top recommendation of the Carter Tax Commission was that fairness should be the objective of the taxation system and that goal remains a top target today.

According to CATA spokesperson, and global entrepreneur, Terry Matthews, “ We continue to face massive transformational changes to Canada’s economy, in part driven by new technologies, such as blockchain, AI (Artificial Intelligence) and digital commerce. We must get ahead of the curve and have an open debate on how to create a tax regime for the 21st century.”

Canada’s 21st Century Tax Commission would be a powerful tool to investigate how to approach tax expenditures and provide a path forward towards tax fairness.

Through public inquiry and expert debate, Canadians would see concrete, workable recommendations for one of the most important things any government does – collect taxes from all of us to pay for the all-important public services essential to both business and the general population, such as security; health care, education and training; infrastructure; a stable and balanced system of law, public safety, and justice; and a supportive economic environment.

Recommended Mandate & Terms of Reference

The new Commission would look at all taxes and fees paid by both small and large corporations and develop a comprehensive plan for tax fairness for all Canadians. This would include an evaluation of personal taxes, where it is equally confusing when it comes to health levies, family deductions and other issues.

Led by subject area experts, the proposed Tax Commission would deliver its reports within one year for both short-term and long-term measures, requiring further evaluation and consensus building.

Some specific terms of reference:

comparing the Canadian tax regime with those of other jurisdictions, including research on administrative models and new models of innovation support and the treatment of IP being developed by competitor nations;

determining what current tax approaches and administrative models successfully support competitiveness, and how these tax regimes and models can be used and improved to support a 21st Century economy. Particular attention needs to be given to the US tax regime and its evolution;

recommending on the need for targeted and general tax cuts impacting the business environment and the redeployment of tax incentives to support the transition of the economy to industries of the future; and

setting priorities for tax cuts with an eye to the well being of families.

Matthews concluded, “Part of tax fairness is using understandable language — what taxes you have to pay and why. There has to be a simpler way for all of us to pay our fair share of taxes and a better 21st Century public policy model for value creation. 55 years is too long to wait for such an examination.”

We are interested in confirming your interest in a video interview and/or a quote where you speak to the importance of creating a 21st Century Tax Commission. If you want to have your say send a message to jreid@cata.ca

Now using the URL of this release, please contact your peers and post to your social media our call to action to advance this advocacy Campaign.

The Canadian Advanced Technology Alliance (CATAAlliance), Canada’s One Voice for Innovation Lobby Group, crowdsources ideas and guidance from thousands of opt in members in moderated social networks in Canada and key global markets. Supported by evidence-based research, CATAAlliance then mobilizes the community behind public policy recommendations designed to boost Canada’s innovation and competitiveness success.